Home Blog Page 1198

ADNOC Gas Delivers Record $5.2bn Net Income in 2025

$3.6 Billion Dividend for 2025 endorsed by Board
Domestic gas business EBITDA grew 10% year-on-year in 2025, supported by a 4% growth in domestic sales volumes
Final Investment Decisions for Rich Gas Development phases 2 and 3 targeted in Q1 2026, reinforcing long–term capacity growth

ABU DHABI, UAE, Feb. 9, 2026 /PRNewswire/ — ADNOC Gas plc and its subsidiaries (collectively “ADNOC Gas” or the “Company”) (ADX: ADNOCGAS) (ISIN: AEE01195A234), today announced a record net income1 of $5.2 billion, a 3% increase compared to 2024, demonstrating structurally resilient earnings and an ability to perform consistently through commodity cycles. The Company’s results underscored the strength of its long-term strategy, delivering record full-year results despite an average Brent crude oil price of $69, a drop of 14% year-on-year. The Company’s robust 2025 net income was primarily driven by the strength of its domestic gas business where its EBITDA was up 10% on sales volume growth of 4% year-on-year (YoY) and improved commercial terms.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “2025 was a defining year for ADNOC Gas. We delivered record earnings while investing in growth, demonstrating that our business is resilient, scalable, and globally relevant. As demand for reliable delivery of gas continues to expand, ADNOC Gas is strategically positioned to serve both the UAE and international markets with confidence and discipline.”

Looking ahead, ADNOC Gas remains well positioned to capture continued domestic demand growth beyond 2026, supported by strategic infrastructure investments, including the ADNOC Estidama gas pipeline project, which will expand access to the Northern Emirates and reinforce the UAE’s long–term objective of achieving gas self–sufficiency. The Final Investment Decision (FID) for phases two and three of the Rich Gas Development (RGD) project is anticipated in the first quarter of 2026. This expansion, benefiting from the growth of ADNOC’s upstream operations, is one of the critical projects to enable ADNOC Gas by 2029 to expand its overall capacity by 30%. As global demand for gas continues to grow, ADNOC Gas is investing with confidence to support the UAE’s energy security whilst growing its international markets.

Q4 2025 net income was $1.2 billion despite softer export market pricing. ADNOC Gas increased sales volumes by 5% compared to Q4 2024, primarily driven by strong domestic gas performance, with demand remaining steady throughout the UAE’s milder weather conditions in the final quarter of 2025. Overall, domestic Adjusted EBITDA for Q4 2025 rose 6% year-on-year2. This sustained demand is attributable to the robust industrial sector, which contributed to a 4.8% UAE GDP3 growth rate in 2025.

Capital expenditure at $3.6 billion increased in 2025 as several major projects progressed. In 2025 we launched phase one of the RGD project, which expands domestic gas processing capacity and increases production of export-traded liquids from new, richer gas supplies, which progressed in line with ADNOC Gas’ strategy.

Following the commissioning of IGD–E2 in the final quarter of 2025, work is advancing as planned on the ADNOC Estidama gas-pipeline project, which aims to enhance access for industrial and utility customers in the Northern Emirates. Together, these projects reinforce ADNOC Gas’ role as a critical enabler of the UAE’s industrial growth, and a pillar of long–term energy security.

For the financial year 2025, ADNOC Gas confirms its dividend of $3.584 billion, of which an interim cash dividend of $1.792 billion was paid in September 2025, a quarterly dividend of $896 million paid in December 2025, and a final dividend of $896 million is expected to be paid in April 2026, pending approval at the Annual General Meeting (AGM). The FY 2025 dividend is in line with the company’s robust policy to increase the annual dividend by 5% annually and reflects the company’s strong free cash flow, which exceeds the dividend commitment by over $500 million.

Key Highlights:

  • Record full-year net income: $5.2 billion, up 3% year-on-year
  • Capital expenditure increased to $3.6 billion in 2025, up 98% year-on-year
  • ADNOC Gas confirms its 2025 dividend of $3.584 billion

$ Million

Q4 24

Q3 25

Q4 25

Year-on-Year %

QoQ %

Q4 25 vs.
Q4 24

Q4 25 vs.
Q3 25

Full Year 
2024

Full Year 
2025

FY 25 vs.
FY 24

Revenue

6,060

5,931

5,482

-10 %

-8 %

24,428

23,473

-4 %

COGS

-3,299

-3,217

-2,906

-12 %

-10 %

-13,770

-12,782

-7 %

Opex

-479

-537

-533

11 %

-1 %

-2,009

-2,054

2 %

EBITDA

2,282

2,178

2,043

-10 %

-6 %

8,648

8,636

0 %

Net Income

1,381

1,338

1,173

-15 %

-12 %

5,001

5,166

3 %

EBITDA Margin

37.7 %

36.7 %

37.3 %

-38bps

+55bps

35.4 %

36.8 %

+139bps

Net Income Margin

22.8 %

22.6 %

21.4 %

-139bps

-115bps

20.5 %

22.0 %

+153bps

Alternative performance measures:

  • Financial information as presented above includes ADNOC Gas’ proportionate consolidation of JVs financial results.
  • EBITDA includes proportionate consolidation of JVs and represents Earnings Before Interest, Tax, Depreciation and Amortization.
  • The reconciliation between the financial data as presented and the IFRS financial statements is presented in the Management Discussion & Analysis Report.

1 All FY 2025 results are preliminary unaudited figures
2 Reported Q4 ’24 EBITDA included a Domestic Gas contract renewal of $188m for the whole of 2024
3 Source IMF October 2025 

Cautionary note:

This announcement contains forward-looking statements concerning the financial condition, results of operations and businesses of ADNOC Gas. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements. ADNOC Gas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or other information. Results could differ materially from those stated, implied, or inferred from the forward-looking statements contained in this announcement. Readers should not place undue reliance on forward-looking statements.

About ADNOC Gas

ADNOC Gas, listed on the ADX (ADX symbol: “ADNOCGAS” / ISIN: “AEE01195A234”), is a world-class, large-scale integrated gas processing and sales company operating across the gas value chain, from receipt of feedstock from ADNOC through large, long-life operations for gas processing and fractionation to the sale of products to domestic and international customers. ADNOC Gas supplies approximately 60% of the UAE’s sales gas needs and supplies end-customers in over 20 countries. To find out more, visit: www.adnocgas.ae

(X) @ADNOCGas

For investor inquiries, please contact:

Richard Griffith
Vice President, Investor Relations
+971 (2) 6037445
ir@adnocgas.ae 

For media inquiries, please contact:

Colin Joyce
Vice President, Corporate Communications 
+971 (2) 6037444
media.adg@adnoc.ae

Pony.ai and Toyota Advance Robotaxi Commercialization with Mass-Produced bZ4X Robotaxis

GUANGZHOU, China, Feb. 9, 2026 /PRNewswire/ — Pony.ai, a global leader in the large-scale production and commercialization of autonomous driving technology, today announced that the first mass-produced bZ4X Robotaxi, developed in collaboration with Toyota, has officially rolled off the production line.

This milestone marks a new phase of scaled production and commercial deployment for the Pony.ai–Toyota collaboration in Robotaxi development and operations. It also highlights deep synergy between the partners across autonomous driving technology, vehicle manufacturing, and supply chain integration.

The companies plan to produce more than 1,000 bZ4X Robotaxis in 2026, with vehicles to be gradually introduced into commercial services across China’s Tier 1 cities. This effort supports Pony.ai’s goal of expanding its total Robotaxi fleet to more than 3,000 vehicles by the end of this year.

The bZ4X Robotaxi is jointly developed by Pony.ai, Toyota Motor China, and GAC Toyota. Production is carried out collaboratively by Pony.ai and GAC Toyota, one of Toyota’s global model plants.

On the technology front, the vehicle is equipped with Pony.ai’s latest seventh-generation (Gen-7) autonomous driving system. Its core components are 100% automotive-grade, and the bill of materials (BOM) cost of the autonomous driving kit has been reduced by 70% compared with the previous generation. Pony.ai unveiled its Gen-7 Robotaxi lineup, comprising three models including the bZ4X, in April last year. The other two models entered commercial service in November.

The Gen-7 Robotaxis further enhance the rider experience with features including Bluetooth-based automatic vehicle unlocking, in-cabin voice interaction, online music services, and pre-trip climate control, alongside refined acceleration and braking patterns to help minimize motion sickness.

To meet the stringent safety and reliability requirements of Robotaxi operations, the bZ4X Robotaxi production line deeply integrates the Toyota Production System (TPS), with dedicated systems for production management, quality control, and safety management. Toyota’s core principles of Quality, Durability, and Reliability (QDR) are embedded throughout the entire Robotaxi production process, establishing a strong foundation for quality and safety in future large-scale operations.

This mass-production milestone for the bZ4X Robotaxi is the result of a long-term strategic collaboration between Pony.ai and Toyota that began in 2019. Since then, the partners advanced Robotaxi product iteration and mass-production planning, and launched multiple Robotaxi models based on Toyota vehicle platforms. In parallel, they established a joint venture dedicated to Robotaxi design, manufacturing, and operational support.

Together, these efforts demonstrate a clear pathway for autonomous driving technology to progress from limited-scale validation to large-scale mass production. They also reflect the deepening mutual trust between Pony.ai and Toyota and their shared commitment to large-scale Robotaxi commercialization.

SOHU.COM REPORTS FOURTH QUARTER AND FISCAL YEAR 2025 UNAUDITED FINANCIAL RESULTS

BEIJING, Feb. 9, 2026 /PRNewswire/ — Sohu.com Limited (NASDAQ: SOHU) (“Sohu” or the “Company”), a leading Chinese online media platform and game business group, today reported unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.

Fourth Quarter Highlights

  • Total revenues were US$142 million, up 6% year-over-year and down 21% quarter-over-quarter.
  • Marketing services revenues were US$17 million, down 10% year-over-year and up 25% quarter-over-quarter.
  • Online game revenues were US$120 million, up 10% year-over-year and down 26% quarter-over-quarter.
  • After giving effect to the reversal of previously accrued withholding income tax of approximately US$285 million related to Changyou, GAAP net income attributable to Sohu.com Limited was US$223 million, compared with a net loss of US$21 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.
  • After giving effect to the reversal of previously accrued withholding income tax of approximately US$285 million related to Changyou, non-GAAP[1] net income attributable to Sohu.com Limited was US$261 million, compared with a net loss of US$15 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Fiscal Year 2025 Highlights

  • Total revenues were US$584 million, down 2% compared with 2024. 
  • Marketing services revenues were US$60 million, down 18% compared with 2024. 
  • Online game revenues were US$506 million, up 1% compared with 2024.
  • GAAP net income attributable to Sohu.com Limited was US$394 million, compared with a net loss of US$100 million in 2024.
  • Non-GAAP net income attributable to Sohu.com Limited was US$234 million, compared with a net loss of US$83 million in 2024.

Dr. Charles Zhang, Chairman and CEO of Sohu.com Limited, commented, “In the fourth quarter of 2025, our marketing services revenues exceeded our previous guidance, while our online game revenues were in line with our expectations. Our non-GAAP bottom-line performance, excluding the impact of the Changyou withholding income tax reversal, came in at the high end of our prior guidance. For the Sohu media platform, we continued to improve our products and algorithms to address user needs and enhance their experience across different scenarios. We continued to host a variety of innovative events, which generated abundant premium content, greatly promoted user engagement, and enabled us to capture more monetization opportunities. For our online games, we remained committed to long-term operational excellence and continued to deliver high-quality content updates and compelling experiences to our players.”

[1] Non-GAAP results exclude share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; impairment of goodwill; and the income tax benefit in connection with the one-time transition tax (the “Toll Charge”) imposed by the U.S. Tax Cuts and Jobs Act and related accrued interest expense. Explanation of the Company’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and “Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Fourth Quarter Financial Results 

Revenues

Total revenues were US$142 million, up 6% year-over-year and down 21% quarter-over-quarter.

Marketing services revenues were US$17 million, down 10% year-over-year and up 25% quarter-over-quarter.

Online game revenues were US$120 million, up 10% year-over-year and down 26% quarter-over-quarter.

Gross Margin

Both GAAP and non-GAAP gross margin were 75%, compared with 73% in the fourth quarter of 2024 and 81% in the third quarter of 2025.

Both GAAP and non-GAAP gross margin for the marketing services business were 6%, compared with 6% in the fourth quarter of 2024 and 10% in the third quarter of 2025.

Both GAAP and non-GAAP gross margin for online games were 85%, compared with 83% in the fourth quarter of 2024 and 87% in the third quarter of 2025.

Operating Expenses

GAAP operating expenses were US$173 million, up 41% year-over-year and 31% quarter-over-quarter. GAAP operating expenses for the fourth quarter of 2025 included a goodwill impairment charge of approximately US$37 million. 

Non-GAAP operating expenses were US$136 million, up 11% year-over-year and 3% quarter-over-quarter.

Operating Profit/(Loss)

GAAP operating loss was US$66 million, compared with an operating loss of US$25 million in the fourth quarter of 2024 and operating profit of US$14 million in the third quarter of 2025.

Non-GAAP operating loss was US$29 million, compared with an operating loss of US$25 million in the fourth quarter of 2024 and operating profit of US$14 million in the third quarter of 2025.

Income Tax Expense/(Benefit)

GAAP income tax benefit was US$280 million, compared with income tax expense of US$14 million in the fourth quarter of 2024 and income tax expense of US$17 million in the third quarter of 2025. Non-GAAP income tax benefit was US$280 million, compared with income tax expense of US$10 million in the fourth quarter of 2024 and income tax expense of US$17 million in the third quarter of 2025. Due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately US$285 million was fully reversed in the fourth quarter of 2025.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$223 million, or net income of US$8.38 per fully-diluted American depositary share (“ADS,” each ADS representing one Sohu ordinary share), compared with a net loss of US$21 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Non-GAAP net income attributable to Sohu.com Limited was US$261 million, or net income of US$9.77 per fully-diluted ADS, compared with a net loss of US$15 million in the fourth quarter of 2024 and net income of US$9 million in the third quarter of 2025.

Liquidity and Capital Resources

As of December 31, 2025, cash and cash equivalents, short-term investments and long-term time deposits totaled approximately US$1.2 billion.

Fiscal Year 2025 Financial Results

Revenues

Total revenues were US$584 million, down 2% compared with 2024. 

Marketing services revenues were US$60 million, down 18% compared with 2024. 

Online game revenues were US$506 million, up 1% compared with 2024.

Gross Margin

Both GAAP and non-GAAP gross margin were 77%, compared with 72% in 2024.

Both GAAP and non-GAAP gross margin for the marketing services business were 11%, compared with 9% in 2024.

Both GAAP and non-GAAP gross margin for online games were 86%, compared with 82% in 2024.

Operating Expenses

GAAP operating expenses totaled US$547 million, up 1% compared with 2024.

Non-GAAP operating expenses totaled US$508 million, down 6% compared with 2024.

Operating Loss

GAAP operating loss was US$94 million, compared with an operating loss of US$109 million in 2024.

Non-GAAP operating loss was US$55 million, compared with an operating loss of US$109 million in 2024.

Income Tax Expense/(Benefit)

GAAP income tax benefit was US$444 million, compared with income tax expense of US$52 million in 2024.

Non-GAAP income tax benefit was US$245 million, compared with income tax expense of US$37 million in 2024.

Net Income/(Loss)

GAAP net income attributable to Sohu.com Limited was US$394 million, or net income of US$13.96 per fully-diluted ADS, compared with a net loss of US$100 million in 2024.

Non-GAAP net income attributable to Sohu.com Limited was US$234 million, or net income of US$8.27 per fully-diluted ADS, compared with a net loss of US$83 million in 2024.

Supplementary Information for Changyou Results[2]

Fourth Quarter 2025 Operating Results

  • For PC games, total average monthly active user accounts[3] (MAU) were 2.8 million, an increase of 19% year-over-year and 4% quarter-over-quarter. Total quarterly aggregate active paying accounts[4] (APA) were 1.1 million, an increase of 8% year-over-year and a decrease of 3% quarter-over-quarter. The year-over-year increases in MAU and APA were mainly from Changyou’s PC game Tian Long Ba Bu (“TLBB”): Return, which was launched during the third quarter of 2025.
  • For mobile games, total average MAU were 1.9 million, a decrease of 27% year-over-year and an increase of 1% quarter-over-quarter. Total quarterly APA were 0.3 million, a decrease of 26% year-over-year and an increase of 1% quarter-over-quarter. The year-over-year decreases in MAU and APA were mainly due to the natural decline of several games launched by Changyou during the year of 2024.

[2] “Changyou Results” consist of the results of Changyou’s online game business and its 17173.com Website.

[3] Monthly active user accounts refers to the number of registered accounts that are logged in to these games at least once during the month.

[4] Quarterly aggregate active paying accounts refers to the number of accounts from which game points are utilized at least once during the quarter.

Fourth Quarter 2025 Unaudited Financial Results

Total revenues were US$121 million, an increase of 9% year-over-year and a decrease of 26% quarter-over-quarter. Online game revenues were US$120 million, an increase of 10% year-over-year and a decrease of 26% quarter-over-quarter.

Both GAAP and non-GAAP gross profit were US$103 million, compared with US$92 million for the fourth quarter of 2024 and US$141 million for the third quarter of 2025.

GAAP operating expenses were US$58 million, an increase of 29% year-over-year and 6% quarter-over-quarter.

Non-GAAP operating expenses were US$57 million, an increase of 29% year-over-year and 7% quarter-over-quarter. 

GAAP operating profit was US$45 million, compared with US$48 million for the fourth quarter of 2024 and US$87 million for the third quarter of 2025.

Non-GAAP operating profit was US$45 million, compared with US$48 million for the fourth quarter of 2024 and US$88 million for the third quarter of 2025.

Fiscal Year 2025 Unaudited Financial Results

Total revenues were US$509 million, an increase of 1% year-over-year. Online game revenues were US$506 million, an increase of 1% year-over-year.

Both GAAP and non–GAAP gross profit were US$436 million, compared with US$415 million for 2024.

GAAP operating expenses were US$199 million, a decrease of 9% year-over-year.

Non-GAAP operating expenses were US$197 million, a decrease of 10% year-over-year.

GAAP operating profit was US$237 million, compared with US$196 million for 2024.

Non-GAAP operating profit was US$238 million, compared with US$196 million for 2024.

Recent Development

Under the previously-announced share repurchase program of up to US$150 million of the outstanding ADSs, Sohu had repurchased 8.1 million ADSs for an aggregate cost of approximately US$106 million as of February 5, 2026.

Business Outlook

For the first quarter of 2026, Sohu estimates:

  • Marketing services revenues to be between US$10 million and US$11 million; this implies an annual decrease of 20% to 27%, and a sequential decrease of 35% to 41%.
  • Online game revenues to be between US$113 million and US$123 million; this implies an annual decrease of 4% to an annual increase of 5%, and a sequential decrease of 6% to a sequential increase of 2%. 
  • Both non-GAAP and GAAP net loss attributable to Sohu.com Limited to be between US$10 million and US$20 million.

For the first quarter 2026 guidance, the Company has adopted a presumed exchange rate of RMB7.02=US$1.00, as compared with the actual exchange rate of approximately RMB7.18=US$1.00 for the first quarter of 2025, and RMB7.08=US$1.00 for the fourth quarter of 2025.

This forecast reflects Sohu’s management’s current and preliminary view, which is subject to substantial uncertainty.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”), Sohu’s management uses non-GAAP measures of gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited and diluted net income/(loss) attributable to Sohu.com Limited per ADS, which are adjusted from results based on GAAP to exclude the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense from the Company’s non-GAAP financial measures is useful for itself and investors. Further, the impact of share-based compensation expense; changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments; impairment of goodwill; and the income tax benefit in connection with the Toll Charge and related accrued interest expense could not be anticipated by management and business line leaders, and these expenses were not built into the annual budgets and quarterly forecasts that have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and impairment of goodwill do not involve subsequent cash outflow and are not reflected in the cash flows at the equity transaction level, Sohu does not factor in their impact when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measures for commissions and bonuses are based on non-GAAP financial measures that exclude share-based compensation expense, changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments, and impairment of goodwill, and also exclude the income tax benefit in connection with the Toll Charge and related accrued interest expense.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP gross profit, operating profit/(loss), net income/(loss), net income/(loss) attributable to Sohu.com Limited, and diluted net income/(loss) attributable to Sohu.com Limited per ADS excluding share-based compensation expense is that this expense has been and can be expected to continue to recur in Sohu’s business. It is also possible that changes in fair value recognized in the Company’s consolidated statements of operations with respect to the Company’s investments and impairments of goodwill will recur in the future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, instability in global financial and credit markets and its potential impact on the Chinese economy; exchange rate fluctuations, including their potential impact on the Chinese economy and on Sohu’s reported U.S. dollar results; fluctuations in Sohu’s quarterly operating results; the possibilities that Sohu will be unable to recoup its investment in content and will be unable to develop a series of successful games for mobile platforms or successfully monetize mobile games it develops or acquires; and Sohu’s reliance on marketing services offerings and online games for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 20-F for the year ended December 31, 2024, and other filings with and information furnished to the SEC.

Conference Call and Webcast 

Sohu’s management team will host a conference call at 7:30 a.m. U.S. Eastern Time, February 9, 2026 (8:30 p.m. Beijing/Hong Kong time, February 9, 2026) following the quarterly results announcement. Participants can register for the conference call by clicking here, which will lead them to the conference registration website. Upon registration, participants will receive details for the conference call, including the dial-in numbers and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

The live Webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at https://investors.sohu.com/.

About Sohu

Sohu.com Limited (NASDAQ: SOHU) was established by Dr. Charles Zhang, one of China’s internet pioneers, in the 1990s. Sohu operates one of the leading Chinese online media platforms and also engages in the online game business in the Chinese mainland. Sohu has built one of the most comprehensive matrices of Chinese language web properties, consisting of Sohu News App, Sohu Video App, the mobile portal m.sohu.com, the PC portal www.sohu.com, and the online games platform www.changyou.com/en/.

As a mainstream media platform with social features, Sohu is indispensable to the daily life of millions of Chinese, providing to a vast number of users a network of web properties and community based products, which offer a broad array of content, such as news and information, in the form of text, picture, video, and live broadcasting. Sohu also attracts users to actively engage in content generation and distribution, and actively interact with each other on the platform. Sohu’s online game business is conducted by its subsidiary Changyou, which develops and operates a diverse portfolio of PC and mobile games, such as the well-known TLBB PC and Legacy TLBB Mobile.

For investor and media inquiries, please contact:

Sohu.com Limited
Ms. Pu Huang
Tel:      +86 (10) 6272-6645
E-mail: ir@contact.sohu.com

Christensen Advisory 
E-mail:  sohu@christensencomms.com 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Twelve Months Ended

Dec. 31, 2025

Sep. 30, 2025

Dec. 31, 2024

Dec. 31, 2025

Dec. 31, 2024

Revenues:

    Marketing services

$

17,027

$

13,596

$

18,865

$

59,972

$

73,465

    Online games

120,361

162,036

109,859

505,738

502,389

    Others

4,872

4,529

5,960

18,623

22,545

Total revenues

142,260

180,161

134,684

584,333

598,399

Cost of revenues:

Marketing services (includes share-based
compensation expense of nil, nil, nil, nil, and $1,
respectively) 

15,959

12,172

17,787

53,451

66,579

Online games

17,947

21,177

18,133

71,804

88,495

Others 

1,280

1,517

1,113

6,234

10,759

Total cost of revenues

35,186

34,866

37,033

131,489

165,833

Gross profit

107,074

145,295

97,651

452,844

432,566

Operating expenses:

Product development (includes share-based
compensation expense of nil, nil, nil, nil, and $19,
respectively) 

63,891

61,820

61,584

247,507

255,233

Sales and marketing (includes share-based
compensation expense of nil, $4, $-1, $6, and $22,
respectively) 

45,159

49,699

48,588

188,989

235,824

General and administrative (includes share-based
compensation expense of $324, $426, $243, $1,493,
and $-72, respectively)

27,111

20,196

12,672

73,198

50,910

Goodwill impairment[5]

36,955

–

–

36,955

–

Total operating expenses

173,116

131,715

122,844

546,649

541,967

Operating profit/(loss)

(66,042)

13,580

(25,193)

(93,805)

(109,401)

Other income, net

3,725

5,145

8,448

16,550

22,144

Interest income

6,719

7,140

8,632

29,137

38,625

Exchange difference

(908)

(563)

1,240

(1,405)

464

Income/(loss) before income tax expense

(56,506)

25,302

(6,873)

(49,523)

(48,168)

Income tax expense/(benefit)[6]

(279,791)

16,636

14,387

(443,609)

52,070

Net income/(loss)

223,285

8,666

(21,260)

394,086

(100,238)

Less: Net income/(loss) attributable to the
noncontrolling interest shareholders

–

–

31

(9)

31

Net income/(loss) attributable to Sohu.com Limited

223,285

8,666

(21,291)

394,095

(100,269)

Basic net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

8.38

$

0.32

$

(0.69)

$

13.96

$

(3.13)

Shares/ADSs used in computing basic net
income/(loss) per share/ADS attributable to Sohu.com
Limited[7]

26,658

27,491

30,799

28,234

32,009

Diluted net income/(loss) per share/ADS attributable to
Sohu.com Limited

$

8.38

$

0.32

$

(0.69)

$

13.96

$

(3.13)

Shares/ADSs used in computing diluted net
income/(loss) per share/ADS attributable to Sohu.com
Limited

26,658

27,491

30,799

28,234

32,009

[5] In the fourth quarter of 2025, the Company recognized a goodwill impairment loss of approximately US$37 million.

[6]  Due to a revision of the dividend policy for Changyou, previously accrued withholding income tax of approximately US$285 million was fully reversed in the fourth quarter of 2025.

[7]  Each ADS represents one ordinary share.

 

SOHU.COM LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS 

(UNAUDITED, IN THOUSANDS)

As of Dec. 31, 2025

As of Dec. 31, 2024

ASSETS

Current assets:

           Cash and cash equivalents

$

128,308

$

159,927

           Short-term investments

702,372

744,498

           Accounts receivable, net

43,335

53,762

           Prepaid and other current assets 

93,903

83,575

Total current assets

967,918

1,041,762

Fixed assets, net

246,263

252,860

Goodwill[8]

10,257

46,944

Long-term investments, net

43,939

43,120

Intangible assets, net

4,692

7,695

Long-term time deposits

350,659

331,290

Other assets

12,325

10,995

Total assets

$

1,636,053

$

1,734,666

LIABILITIES 

Current liabilities:

           Accounts payable 

$

36,215

$

36,043

           Accrued liabilities

95,430

97,138

           Receipts in advance and deferred revenue

54,878

51,007

           Accrued salary and benefits

55,018

47,232

           Taxes payables

15,571

14,225

           Other short-term liabilities

76,601

76,322

Total current liabilities

$

333,713

$

321,967

Long-term other payables

2,896

2,807

Long-term tax liabilities[9]

21,051

485,545

Other long-term liabilities

322

1,659

Total long-term liabilities

$

24,269

$

490,011

                         Total liabilities

$

357,982

$

811,978

SHAREHOLDERS’ EQUITY:

          Sohu.com Limited shareholders’ equity

1,277,727

922,335

          Noncontrolling interest

344

353

                     Total shareholders’ equity

$

1,278,071

$

922,688

Total liabilities and shareholders’ equity  

$

1,636,053

$

1,734,666

[8] See footnote 5.

[9]  See footnote 6.

 

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATIONS MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended Dec. 31, 2025

Three Months Ended Sep. 30, 2025

Three Months Ended Dec. 31, 2024

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

GAAP

Non-GAAP
Adjustment

Non-GAAP

–

(a)

–

(a)

–

(a)

Marketing services gross profit

$

1,068

$

–

$

1,068

$

1,424

$

–

$

1,424

$

1,078

$

–

$

1,078

Marketing services gross margin

6 %

6 %

10 %

10 %

6 %

6 %

–

(a)

–

(a)

–

(a)

Online games gross profit 

$

102,414

$

–

$

102,414

$

140,859

$

–

$

140,859

$

91,726

$

–

$

91,726

Online games gross margin

85 %

85 %

87 %

87 %

83 %

83 %

–

(a)

–

(a)

–

(a)

Others gross profit 

$

3,592

$

–

$

3,592

$

3,012

$

–

$

3,012

$

4,847

$

–

$

4,847

Others gross margin

74 %

74 %

67 %

67 %

81 %

81 %

–

(a)

–

(a)

–

(a)

Gross profit

$

107,074

$

–

$

107,074

$

145,295

$

–

$

145,295

$

97,651

$

–

$

97,651

Gross margin

75 %

75 %

81 %

81 %

73 %

73 %

(324)

(a)

(430)

(a)

(242)

(a)

(36,955)

(d)

–

–

Operating expenses

$

173,116

$

(37,279)

$

135,837

$

131,715

$

(430)

$

131,285

$

122,844

$

(242)

$

122,602

324

(a)

430

(a)

242

(a)

36,955

(d)

–

–

Operating profit/( loss)

$

(66,042)

$

37,279

$

(28,763)

$

13,580

$

430

$

14,010

$

(25,193)

$

242

$

(24,951)

Operating margin

-46 %

-20 %

8 %

8 %

-19 %

-19 %

Income tax expense/(benefit)[10]

$

(279,791)

$

–

$

(279,791)

$

16,636

$

–

$

16,636

$

14,387

$

(3,961)

(c)$

10,426

324

(a)

430

(a)

242

(a)

–

–

2,087

(b)

–

–

3,961

(c)

36,955

(d)

–

–

Net income/(loss) before non-
controlling interest

$

223,285

$

37,279

$

260,564

$

8,666

$

430

$

9,096

$

(21,260)

$

6,290

$

(14,970)

324

(a)

430

(a)

242

(a)

–

–

2,087

(b)

–

–

3,961

(c)

36,955

(d)

–

–

Net income/( loss) attributable to
Sohu.com Limited for diluted net
income/( loss) per share/ADS

$

223,285

$

37,279

$

260,564

$

8,666

$

430

$

9,096

$

(21,291)

6,290

$

(15,001)

Diluted net income/( loss) per
share/ADS attributable to Sohu.com
Limited

$

8.38

$

9.77

$

0.32

$

0.33

$

(0.69)

$

(0.49)

Shares/ADSs used in computing
diluted net income/( loss) per
share/ADS attributable to Sohu.com
Limited

26,658

26,658

27,491

27,491

30,799

30,799

Note:

(a) Share-based compensation expense

(b) Change in the fair value of the Company’s investments

(c) Accrued interest expense in connection with the Toll Charge

(d) Impairment of goodwill

[10]  See footnote 6.

 

SOHU.COM LIMITED

RECONCILIATIONS OF NON-GAAP RESULTS OF OPERATION MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Twelve Months Ended Dec. 31, 2025

Twelve Months Ended Dec. 31, 2024

GAAP

Non-GAAP
Adjustments

Non-GAAP

GAAP

Non-GAAP
Adjustments

Non-GAAP

–

(a)

1

(a)

Marketing services gross profit

$

6,521

$

–

$

6,521

$

6,886

$

1

$

6,887

Marketing services gross margin

11 %

11 %

9 %

9 %

–

(a)

–

(a)

Online games gross profit

$

433,934

$

–

$

433,934

$

413,894

$

–

$

413,894

Online games gross margin

86 %

86 %

82 %

82 %

–

(a)

–

(a)

Others gross profit 

$

12,389

$

–

$

12,389

$

11,786

$

–

$

11,786

Others gross margin

67 %

67 %

52 %

52 %

–

(a)

1

(a)

Gross profit

$

452,844

$

–

$

452,844

$

432,566

$

1

$

432,567

Gross margin

77 %

77 %

72 %

72 %

(1,499)

(a)

31

(a)

(36,955)

(d)

–

Operating expenses

$

546,649

$

(38,454)

$

508,195

$

541,967

$

31

$

541,998

1,499

(a)

(30)

(a)

36,955

(d)

–

Operating loss

$

(93,805)

$

38,454

$

(55,351)

$

(109,401)

$

(30)

$

(109,431)

Operating margin

-16 %

-9 %

-18 %

-18 %

Income tax expense/(benefit)

$

(443,609)

$

199,018

(c)$

(244,591)

$

52,070

$

(15,299)

(c)$

36,771

1,499

(a)

(30)

(a)

–

1,820

(b)

(199,018)

(c)

15,299

(c)

36,955

(d)

–

Net income/(loss) before non-
controlling interest

$

394,086

(160,564)

$

233,522

$

(100,238)

17,089

$

(83,149)

1,499

(a)

(30)

(a)

–

1,820

(b)

(199,018)

(c)

15,299

(c)

36,955

(d)

–

Net income/(loss) attributable to
Sohu.com Limited for diluted net
income/( loss) per share/ADS

$

394,095

(160,564)

$

233,531

$

(100,269)

17,089

$

(83,180)

Diluted net income/(loss) per
share/ADS attributable to Sohu.com
Limited. 

$

13.96

$

8.27

$

(3.13)

$

(2.60)

Share/ADS used in computing diluted
net income/(loss) per share/ADS
attributable to Sohu.com Limited 

28,234

28,234

32,009

32,009

Note:

(a) Share-based compensation expense

(b) Change in the fair value of the Company’s investments

(c) Reversal of the tax expense in connection with the Toll Charge and related accrued interest expense

(d) Impairment of goodwill

 

 

MYBW 2026 Media Launch Sets the Stage for Blockchain’s Next Chapter

KUALA LUMPUR, Malaysia, Feb. 9, 2026 /PRNewswire/ — Malaysia Blockchain Week (MYBW) 2026 officially kicked off with its Media Launch on 23 January 2026 at The Starhill, organised by ACTIV8, marking the start of the nation’s flagship blockchain and digital assets event. The launch brought together global industry leaders, policymakers, innovators, and Web3 communities to network and gain insights into the upcoming Malaysia Blockchain Week 2026 on 29 – 30 July 2026 at World Trade Centre Kuala Lumpur.

MYBW 2026 Media Launch Sets the Stage for Blockchain’s Next Chapter
MYBW 2026 Media Launch Sets the Stage for Blockchain’s Next Chapter

The launch was powered by a coalition of forward-thinking industry leaders, including premier sponsors CoinEx Wallet, ViaBTC, and fxh.ai, whose joint participation signals deep confidence in Malaysia’s growing position as a Web3 hub in Southeast Asia.

Government Commitment: A Clear Digital Roadmap

The event was honored by a substantive keynote address from Mr. Raymond Siva, Emerging Tech Consultant at the Ministry of Digital. In his remarks, Mr. Siva emphasized the government’s structured and proactive approach to digital asset and blockchain governance. He outlined how national initiatives are creating a transparent, secure, and innovation-friendly environment.

ViaBTC: Building Trust Through Compliance and Infrastructure. As a global leader in crypto mining and blockchain infrastructure, ViaBTC stressed the critical link between technological reliability and regulatory maturity.

Mr. Perry Wong, Chief Compliance Officer of ViaBTC, addressed the importance of international compliance standards and ViaBTC’s commitment to operating within Malaysia’s evolving regulatory landscape.

Mr. Rob Chiu, Head of APAC at ViaBTC,addressed on Malaysia’s regional role, noting, “A clear regulatory roadmap attracts serious builders. ViaBTC is here to support Malaysia’s vision with secure, scalable infrastructure that meets both global and local standards.”

Malaysia Blockchain Week 2026 is expected to feature an expanded line-up of conferences, exhibitions, hackathon, workshop and networking event at one place. Anchored by the theme “Bridging Realities: Where Everyone Meets Web3”, the event aims to connect blockchain innovation with real-world applications, bringing together diverse stakeholders to drive practical adoption and meaningful impact across industries.

Lingnan University hosts “The City Through My Lens: A Social Media Campaign – Video Competition” with an AI training workshop for 18 secondary school teams from Hong Kong and the Greater Bay Area

HONG KONG, Feb. 9, 2026 /PRNewswire/ — To inspire students in Hong Kong and the Greater Bay Area (GBA), unleash their creativity, and engage with the evolving landscape of new media, the Department of Marketing and International Business at Lingnan University organised The City Through My Lens: A Social Media Campaign – Video Competition 2025. Students were invited to form teams and create short promotional social media videos capturing the highlights of their cities. The competition provided a platform for GBA secondary school students to express their creativity and broaden their horizons, while also strengthening the connection between the University and the younger generation. This is the first time the competition has included schools across the GBA, and there were 18 entrants. The championship was awarded to Malvern College Hong Kong, the first runner-up was St. Paul’s Convent School, and the other runners-up were the HKSYC&IA Chan Nam Chong Memorial College, Sha Tin College, St. Paul’s Secondary School and Yew Chung International School.

The Department of Marketing and International Business at Lingnan University organises The City Through My Lens: A Social Media Campaign - Video Competition 2025.
The Department of Marketing and International Business at Lingnan University organises The City Through My Lens: A Social Media Campaign – Video Competition 2025.

The awards ceremony was held on 7 February, and Prof Patrick Poon Shing-chung, Associate Dean (Undergraduate Studies and AACSB) of Faculty of Business of Lingnan University, congratulated all the winning teams in his welcoming speech, saying “The videos submitted by the students convey the creativity and inventive spirit of the new generation. Many of them incorporate technology and AI elements, and use the latest tools to raise production quality, reflecting the students’ abilities in research and practice. This aligns with Lingnan University’s philosophy of holistic education, emphasising interdisciplinary practice, and combining technology and innovation with a humanistic perspective. The University is dedicated to cultivating students’ natural aptitude to meet the demands of the future, and the work submitted indicates that they already have the potential for interdisciplinary modernisation.” 

All the teams were asked to produce a video of no more than three minutes based on an original story, presenting the city from their perspective. If AI tools were used, students were required to specify which, and how they were used. The judging panel of professors from the Department of Marketing and International Business assessed the entries on their relevance to theme, creativity, and technical execution.

The judging panel praised the 18 videos for their artistic imagination and depth. Various filming techniques including aerial shots were used, and good editing enhanced the overall quality, demonstrating the technological and original talents of the younger generation in the digital age.

After several rounds of viewing and marking, the video from Malvern College Hong Kong emerged as the best, and won a prize of HK$5,000. The video shows the wonderful journey of a girl exploring Hong Kong’s multiculturalism in her dreams: visiting various districts, including bustling Hong Kong Island, the Chinese-inspired Lingnan Garden in Lai Chi Kok, the arts and culture hub in West Kowloon, and the diverse district of Mong Kok. The video captures Hong Kong’s unique characteristics, featuring the city’s charm and blending Eastern and Western cultures seamlessly.

Delighted, the winning team said “We are grateful to the staff at Lingnan University for their guidance throughout the competition. We faced challenges both large and small, from capturing Hong Kong authentically to managing heavy video files, but our perseverance and teamwork helped to create a video that showcases the city through our unique lens.” 

Prof Peng Ling, Head of the Department of Marketing and International Business, said “The Lingnan Faculty of Business hopes that this competition will demonstrate the University’s teaching characteristics in the integration of the arts and sciences, nurturing students with literacy knowledge, practical competence, and the ability to think critically. We believe that the creativity, communication skills, and spirit of teamwork demonstrated by students in this competition will lay a valuable foundation for their future studies and careers.”

To instruct students in filming and editing techniques, the Department of Marketing and International Business organised a pre-competition “Workshop for Secondary School Students: AI-powered Video Editing (for Beginners)”. Led by Prof Qi Suntong, Assistant Professor of the Department of Marketing and International Business, the workshop coached students in the newest AI tools for image, video, voice-over, and music creation, as well as in practical scriptwriting, storyboard design, and film production with cinematic qualities. Students learnt how to use the tools to enhance their storytelling, and also displayed their work and held discussions during the workshop, which inspired them, and encouraged them to use technology skilfully and correctly in both the competition and their future studies.

For award details, please visit: https://www.ln.edu.hk/mkt/lumsm-2025/award-winners.

Japan PM Takaichi Basks in Historic Election Triumph

Japan's Prime Minister and President of the Liberal Democratic Party (LDP) Sanae Takaichi reacts as she speaks with media on the House of Representatives election day at the LDP headquarters in Tokyo on 8 February 2026. (Photo by Kim Kyung-Hoon / POOL / AFP)
If confirmed by official results, the outcome gives Japan’s first female premier a strong mandate to implement her conservative agenda and stamp her mark on the country of 123 million people over the next four years.The Asia-Pacific region will be watching closely, however, to see if the 64-year-old ups the ante or lowers the temperature with China after enraging Beijing in November with comments about Taiwan.

Financial markets may also be nervous about Japan’s public finances and its gargantuan debt pile if Takaichi decides to cut taxes and boost spending in Asia’s number-two economy.

“We have consistently stressed the importance of responsible and proactive fiscal policy,” Takaichi insisted late Sunday.

“We will prioritise the sustainability of fiscal policy. We will ensure necessary investments. Public and private sectors must invest. We will build a strong and resilient economy,” she said.

On Monday, the Nikkei jumped around five percent to hit a new high, with equities “poised to benefit from higher fiscal spending but interest rates that remain accommodative and negative in real terms”, according to analyst Kyle Rodda of Capital.com.

With a stronger mandate, Takaichi is also expected to push through her ambitious policy agenda, which includes boosting the defence budget, tougher immigration measures and potentially changing the constitution.

Capitalising on her honeymoon start after becoming Japan’s fifth premier in as many years in October, Takaichi called the snap election last month.

The gamble paid off handsomely, with local media reporting that her Liberal Democratic Party (LDP) won around 316 of the 465 seats contested, citing partial results.

That takes the party past the 310-seat threshold needed for a two-thirds majority.

Together with its junior coalition partner, they’re expected to secure 352 seats.

US President Donald Trump congratulated Takaichi after an earlier endorsement.

“I wish you Great Success in passing your Conservative, Peace Through Strength Agenda,” Trump wrote on his Truth Social platform.

Drummer

Takaichi has injected new life into the LDP, which has governed Japan almost non-stop for decades but shed support in recent elections because of unhappiness about rising prices and corruption.

A heavy metal drummer in her youth, Takaichi was an admirer of Britain’s “Iron Lady” Margaret Thatcher, and on the ultra-conservative fringe of the LDP when she became party chief.

She has been a hit with voters, especially young ones, with fans lapping up everything from her handbag to her jamming to a K-pop song with South Korea’s president.

But she will have to deliver on the economy to remain popular.

“With prices rising like this, what matters most to me is what policies they’ll adopt to deal with inflation,” voter Chika Sakamoto, 50, told AFP at a voting station in snowy Tokyo on Sunday.

Socially conservative

Despite being her country’s first woman premier, Takaichi has shown little appetite for framing her leadership around gender in male-dominated Japanese politics.

She is socially conservative, opposing any revision to a law requiring married couples to share the same surname, a rule that overwhelmingly results in women taking their husband’s name.

Before becoming prime minister, Takaichi was seen as a China hawk.

She was a regular visitor to the Yasukuni Shrine, which honours convicted war criminals along with 2.5 million war dead and is seen as a symbol of Japan’s militarist past.

Barely two weeks in office, Takaichi suggested that Japan could intervene militarily if Beijing sought to take self-ruled Taiwan by force.

China regards the democratic island as part of its territory and has not ruled out force to annex it.

With Takaichi having days earlier pulled out all the stops to welcome Trump, Beijing was furious with her unscripted remarks.

It summoned Tokyo’s ambassador, warned its citizens against visiting Japan and conducted joint air drills with Russia. Japan’s last two pandas were even returned to China last month.

Margarita Estevez-Abe, associate professor of political science at Syracuse University, said that Takaichi can afford to dial down tensions now.

“Now she doesn’t have to worry about any elections until 2028, when the next upper house elections will take place,” Estevez-Abe told AFP before the vote.

“So the best scenario for Japan is that Takaichi kind of takes a deep breath and focuses on amending the relationship with China.”


© Agence France-Presse

Penfolds Announces Partnership with the FORMULA 1 QATAR AIRWAYS AUSTRALIAN GRAND PRIX 2026

The partnership arrives as Penfolds marks 75 years of Grange

MELBOURNE, Feb. 9, 2026 /PRNewswire/ — Today, Penfolds announced its partnership with the FORMULA 1 QATAR AIRWAYS AUSTRALIAN GRAND PRIX 2026, joining the iconic global spectacle as an Event Supporter.

Across the four days at Albert Park Grand Prix Circuit, a selection of Penfolds wines will be served in premium hospitality venues, including in the American Express Lounge. Guests will also enjoy a curated Penfolds restaurant pairing and an elevated VIP Grange experience designed to celebrate Penfolds most renowned wine.

The partnership arrives at a milestone moment for the brand, as Penfolds celebrates 75 years of Grange in 2026.

On the announcement, Penfolds Chief Marketing Office Kristy Keyte said, “The Formula 1 Australian Grand Prix offers an extraordinary platform to share our wines, celebrate 75 years of Grange, and mark moments with wine lovers and F1 fans in Australia and those visiting from around the globe.”

As part of the partnership, the “Penfolds Grange Experience” will be offered to American Express Lounge ticket holders. Hosted by a Penfolds Ambassador, this guided tasting will showcase the heritage, craftsmanship, and lasting impression of Penfolds most iconic wine.

This partnership brings together two globally recognised names with deep meaning for audiences in Australia and around the world – each synonymous with excellence, innovation, and creating memorable experiences.

Recognised as one of the world’s most watched and celebrated sporting events, the Formula 1® Australian Grand Prix continues to deliver exceptional global reach and world‑class entertainment.

Australian Grand Prix Corporation Chief Commercial Officer, Emma Pinwill said, “Penfolds will help us deliver a world‑class hospitality experience by showcasing their exceptional wines at the Formula 1 Qatar Airways Australian Grand Prix 2026. Sharing our vision to create unforgettable moments, Penfolds presence will contribute to an elevated and memorable experience for guests.”

In addition to the premium hospitality offering, a broader selection of wines from the Treasury Wine Estates Victorian portfolio will be available in select hospitality facilities across General Admission areas of the FORMULA 1 QATAR AIRWAYS AUSTRALIAN GRAND PRIX 2026.

For more information visit Australian Grand Prix 2026 – F1 Race.

Image link HERE.

EDITOR’S NOTES

About Penfolds

For over 180 years, Penfolds commitment to quality has been underpinned by the art of blending and attesting all wines are connected through a consistent and recognisable ‘House Style’; the ultimate expression of a time-honoured and distinctive tradition of finding the best grapes to make wine from the very best regions. Penfolds ‘House Style’ is recognised and revered the world over with wines such as Grange, Bin 707 Cabernet Sauvignon, Bin 407 Cabernet Sauvignon and Bin 389 Cabernet Sauvignon Shiraz. This philosophy extends beyond Penfolds spiritual home of South Australia to the bountiful soils of France, USA, and China, where wines such as FWT 585 and FWT 543 continue to forge Penfolds reputation for excellence. Through the passing of time, wine innovations have become great traditions and old and new generations continue to mark moments and create their own stories, with a glass of Penfolds in hand. And so – almost two centuries since inception, Penfolds continues to write new chapters and proudly remains one of the world’s most revered winemakers – now and for ‘evermore’. For more information visit: www.penfolds.com Facebook/Penfolds X/Penfolds Instagram/Penfolds YouTube/PenfoldsEST1844

Beyond Borders: XTransfer Insights-Opportunity in the Overlooked: The Underserved SME Cross-Border Market

The B2B cross-border trade payment market is immense, yet remain highly underserved


HONG KONG SAR – Media OutReach Newswire – 9 February 2026 – According to the World Bank, SMEs account for approximately 90% the world’s businesses and contribute 65% of the global cross-border trade. SMEs play a pivotal rolein most economies, particularly in emerging markets. Estimates from the World Trade Organization (WTO) and the Organization for Economic Co-operation and Development (OECD) suggest that B2B cross-border trade payment market for SMEs is worth approximately $20 trillion.

However, traditional commercial banks have been facing multiple challenges in serving SMEs, including strict compliance and risk control requirements, lower profit generating, and license limitations, resulting in a large unmet demand through formal financial systems.

XTransfer’s field research in emerging markets indicates that many SMEs resort to illicit settlement channels like underground banks out of necessity. In fact, the trade volume processed through these unofficial avenues could be 2 to 5 times larger than the official import and export figures.

Compared to other segments, B2B cross-border payment presents vast opportunities

In the cross-border payment industry, services can be categorised into four segments based on money flows:

Four segments in cross-border payment industry.
Four segments in cross-border payment industry.

Marketplace 2B
These businesses provide payment processing services for sellers on e-commerce platforms. Risk control is primarily based on e-commerce platform’s integrated of data streams (e.g., merchant details, logistics, transaction history). With relatively low technical barriers and compliance capabilities, the industry is highly saturated.

B2B
Focused on traditional cross-border trade enterprises, this segment has huge potential but features high risk control complexity and high barriers. Payment service providers must individually verify the entire information flow pertaining to each transaction (including buyer/seller details, orders, logistics, contracts, etc.), which results in many companies attempting to enter, but few succeed.

C2C
This primarily covers cross-border remittances between individuals. The overall market scale is relatively small, with limited use cases.

C2B
This is the most well-established segment, dominated by cross-border payment giants such as Visa, Mastercard, PayPal, and Stripe. The market is saturated with intense competition.

As a reference, the C2B cross-border payment industry has evolved dramatically over the last five decades, especially in the past ten years. Mobile wallet providers in China, the U.S. and Europe drove the mobile payment revolution, establishing a well-established cross-border settlement and risk control platform dominated by card schemes and wallets like PayPal. The system features significant advantages, including efficient transaction processes and unified risk control standards.

In contrast, B2B cross-border payments still primarily rely on traditional bank transfers. The sector as a whole is still on the cusp of the “mobile payment revolution” and has not yet formed a unified clearing mechanism or a standardized risk control system.

The payment sector need a new platform.
The payment sector need a new platform.

However, this development gap also points to a huge market opportunity. The B2B cross-border settlement market for SMEs desperately needs a shake-up. Service providers that possess a deep understanding of global customer needs and are equipped with technological and compliance capabilities will unleash vast growth potential in this space.

Beyond Borders: XTransfer Insights is a thought-leadership series that shares XTransfer’s perspectives on the forces shaping global trade and financial services. Through research-driven insights and real-world observations, it highlights emerging trends, key challenges, and opportunities across international markets.
Hashtag: #XTransfer #Crossborder #Payment #SMEs #whitepaper





The issuer is solely responsible for the content of this announcement.